Home Loans In Peoria, Illinois 

Situated along the banks of the Illinois River, Peoria is the oldest permanent European settlement in Illinois. The city offers a dense suburban appeal and is home to many parks, restaurants, and bars. 

Like in many other cities across the United States, the Peoria housing market has had its ups and downs, especially in the wake of recent global events.

If you’ve been looking to transition to homeownership in Peoria, we can help you obtain the funding you need. Capital Home Mortgage prides itself on providing a streamlined loan process. Do you need a home loan in Peoria? Let’s look at the most critical factors to consider before filing your application. 

Factors To Consider Before Applying For A Peoria Home Loan

     1. Stable Income 

Having a stable household income is a prerequisite to obtaining any loan. While there’s no minimum income requirement, the lender will want to know that you’re earning enough money to pay off the mortgage payments in addition to your other monthly expenses. Your income stream must be stable and continuous for at least two years before it becomes viable to lenders. 

     2. Available Assets 

If you have any tangible assets — stock investments, landed property, retirement accounts, deposit certificates — be sure to put them on a list and submit it along with your loan application. These assets can help strengthen your borrower profile because they provide lenders with the increased assurance that you are well-off even if you encounter financial emergencies. 

     3. Credit Score

You probably already know this. Most lenders will be unwilling to extend financing to you without a good credit score. Those that do will usually offset the added risk by including higher interest rates and other stringent terms into the loan agreement. Try to get your credit score up to 620 at least, though a good credit score typically starts at 670 to 700. 

     4. DTI Ratio

The Debt-to-Income ratio is an essential consideration because it tells lenders how much of your monthly income is spent on debt repayments. Given that a home loan represents a sizable, long-term debt, lenders need to ensure that you can still make your monthly home loan repayments while also paying off other debt obligations. 

Peoria, IL Mortgage Lender

Capital Home Mortgage Peoria is a full-service lending firm offering a broad range of home loan programs, including FHA, Conventional, USDA, Jumbo, HUD 184 Native American Home Loan, and VA home loans. These loans are available at competitive interest rates and comparatively lower fees. 

We are a direct Peoria mortgage lender, which means we manage the entire lending process. It enables us to provide in-house processing, flexible underwriting, and on-time closings without unnecessary costs.

Find a Home Loan In Peoria that Suits You!

At Capital Home Mortgage, we understand how overwhelming the home loan process can be, especially if this is your first time. That’s why we aim to make your home buying experience in Peoria as straightforward as possible.  

Contact us now at (630) 339-3388 to speak with our mortgage specialists about your home loan. Thank you for your interest in our services, and we look forward to providing your next Peoria, IL home loan.